A 35 square meter (25 pyeong) apartment in Eunpyeong New Town, Seoul is up for auction.
The market price was 800 million won, and due to the nature of the auction, it started at 640 million won.
But who’s hands were shaking? They paid 670 million.
Won 670 billion won and won the bid
The successful bidder filed an application for disallowance of sale.
Disallowance of sale at auction occurs when an error occurs during the auction process,
This applies only to cases where the successful bidder or exhibitor is unable to conduct transactions under civil law.
It is impossible to disallow sale simply by writing a number incorrectly.
Instead, you must give up on winning the bid, in which case you will be charged a 10% auction deposit of the initial price.
64 million won was not returned.
In other words, you can buy an apartment worth 800 million won for 670 billion won.
I lost 64 million won.